Models
MAX FINANCIAL SERV LTDMFSLInsurance
₹-62per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹(62)implied P/B (0.33)× on FY26 book
Against CMP ₹1,477.00−104.2%close of 2026-09-10
Cost of equity12.39%risk-free + beta × equity risk premium
Book equity, FY26₹186per share · excess returns add ₹(248)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 6,420 | 6,523 | 6,627 | 6,733 | 6,841 |
| Net income at 1.6% ROE | 103 | 104 | 106 | 108 | 109 |
| Cost of equity charge at 12.39% | (795) | (808) | (821) | (834) | (848) |
| Excess return | (693) | (704) | (715) | (727) | (738) |
| Present value | (653) | (591) | (534) | (483) | (436) |
| Closing book equity | 6,523 | 6,627 | 6,733 | 6,841 | 6,950 |
| Book equity today | 6,420 |
| PV of 5 years of excess return | (2,697) |
| PV of the terminal excess return, 5% flat | (5,848) |
| add non-operating investments | 0 |
| Equity value | (2,126) |
| ÷ 34.51 crore shares | ₹(62) |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹1,434₹1,893
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 1.6% | — | 12.39% | 5% | ₹(62) | (104.2)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.